Fin-tech has long been challenging traditional financial services. Now, new challenger Atlantic Money is disrupting even the newcomers to the market by launching a service to make it cheaper for users to send money abroad.
Co-founder Neeraj Baid said that money transferer Atlantic Money's core focus is on "moving money across borders while allowing customers to get a great price for it."
For Baid, it was key to create a product that lifts the fee and currency exchange burden from customers, explaining that when banks currently trade, they "pay nearly zero fees, while the retail customer's ratio is nearly 1000 more."
Specific fee-structure
The UK-based company explained that their product can bypass the other money transfer apps on the market due to their fee structure.
If an EU official earning €21,000/month (highest on income scale) wants to send €20,000 money to a third country, such as Poland, they would have to pay €100 per transaction using Wise.
If a user opted for Paypal or Xoom for a transaction to Denmark, they would pay €350 due to the high exchange rates with these companies.
With Atlantic Money, people can transfer up to €100,000 at a flat rate of €3 per transfer with 0% commission. European customers wishing to transfer British Pounds can transfer up to £1,000,000 for just £3 per transaction.
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In an ever-evolving industry, the Fin-Tech company aims to cater to specific customer needs, while expanding in the European market, which currently lets people transfer between ten different currencies.
Baid explained that ten years ago, the challenge was to get people to do finance on their phones. Now that the industry has matured and people are comfortable with that, Atlantic Money aimed to target specific audiences with their fee structure.
Atlantic Money recently secured a European license through the National Bank of Belgium. More information can be found here.
